Up to $6,000 at 0% interest second mortgage. No first-time buyer requirement. Statewide.
Smart7 increases the DPA to 7% of the loan amount for buyers who need additional assistance. The extra percentage point provides roughly $1,000-1,500 more than Smart6 on a typical Mississippi purchase.
The higher DPA comes with a slightly higher interest rate on the first mortgage, creating a trade-off between more upfront assistance and lower monthly payments. For buyers who are cash-constrained at closing but can handle slightly higher monthly payments, Smart7 is the better choice.
This program can be used on 1-4 unit properties. Live in one unit, rent the others.
We'll show you how to combine MHC Smart7 (Mississippi) with other programs to maximize your free money — personalized to your ZIP code and income.